- SBI Life Insurance Co. Ltd. has been ordered to return Rs.275 crores to lakhs of clients who took housing loan from SBI,which is No.1 Bank in the country. This bank was using an arm twisting technique with housing loan clients. They were compelled to buy Insurance from SBI Life and that too at uncompetitive premium rates. Full news item is : SBI Life Insurance Co. Ltd. has been ordered to return Rs.275 crores
- The second news item is pertaining to ICICI Lombard ,which will face CBI Investigation for weather Insurance/ RSBY cases. Full news item is : ICICI Lombard faces CBI probe
Question arises – Why only return of premium. Why not interest also? Why not even pay penalty charges to those needy persons ,who went to this great bank for loan for buying their house ?
One thing is certain that reputation of SBI Life & State Bank of India has gone down in the eyes of the masses – common man.
This shows that subsidy of the Central Government/ State Government has been misused by the Insurance Company to increase its profits.
We have always propagated that subsidy should be avoided as it leads to such cases .
Here also one thing is certain that reputation of ICICI Lombard General Insurance as well as ICICI bank has gone down in the eyes of the masses – common man.
Banks showing profits in thousands of crores and doing these things in their Insurance Companies does not leave a good image about these banks. Let us change. Let us try to set high standards in Insurance Industry and take it to higher heights.